The pair can grow within the correction.
On the 4-hour chart, the downward correction is forming as a second wave 2 of (3) of the higher level. Now the wave c of 2 is developing, within which the first wave of the lower level (i) of c of 2 has ended. If the assumption is correct, in the short term the pair can grow within the correction to the level of 0.7690 within the wave (ii) of c. The level of 0.7548 is critical and stop loss for the scenario.
Main scenario
Long positions will become relevant above the level of 0.7548 with the target at 0.7690. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7548 will let the pair go down to the level of 0.7400.
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.7576
Take Profit 0.7690
Stop Loss 0.7548
Key Levels 0.7400, 0.7548, 0.7690
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7540
Take Profit 0.7400
Stop Loss 0.7590
Key Levels 0.7400, 0.7548, 0.7690
On the 4-hour chart, the downward correction is forming as a second wave 2 of (3) of the higher level. Now the wave c of 2 is developing, within which the first wave of the lower level (i) of c of 2 has ended. If the assumption is correct, in the short term the pair can grow within the correction to the level of 0.7690 within the wave (ii) of c. The level of 0.7548 is critical and stop loss for the scenario.
Main scenario
Long positions will become relevant above the level of 0.7548 with the target at 0.7690. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7548 will let the pair go down to the level of 0.7400.
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.7576
Take Profit 0.7690
Stop Loss 0.7548
Key Levels 0.7400, 0.7548, 0.7690
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7540
Take Profit 0.7400
Stop Loss 0.7590
Key Levels 0.7400, 0.7548, 0.7690